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On January 1 2002 several amendments to the Securities Market Act (the SMA) and a number of related securities laws became effective. The amendments relate mainly to the definition of securities under Finnish law and introduce new provisions concerning other forms of public trading as well as alternative professional trading places to be established by authorized stock exchanges, investment firms and credit institutions. In addition, the amendments introduce provisions intended to increase the level of internal supervision conducted by market participants involved in the Finnish securities markets.

Shearman & Sterling in Hong Kong has acted as US counsel to Aluminium Corporation of China (Chalco) and its state-run parent Aluminium Corporation of China (Chinalco) on Chalco's $458 million initial public offering (IPO).

Allen & Gledhill has advised the Development Bank of Singapore (DBS) on the bank's first synthetic securitization, backed by a $2.8 billion corporate loan portfolio.

Pursuant to Article 7, Paragraph 4, of the Federal Investment Fund Act (IFA), the name of a Swiss investment fund must not give rise to deception or confusion. A foreign investment fund will also be granted a distribution licence only if these requirements are observed (Article 45, Paragraph 4, IFA). The appendix to the Guidelines for Applications for the Approval of Fund Regulations issued by the Swiss Federal Banking Commission on December 18 2001, therefore, are also applicable to foreign investment funds.

Article 113 of Law No 267 of August 18 2000, regulating modalities for the management of local public services, has been recently amended by Article 35 of Law No 448 of December 28 2001 (the 2002 Financial Law).

France must clarify whether its usury laws apply to corporate bonds if its high-yield market is to develop, say Eric Cafritz and Delphine Caramalli of Fried, Frank, Harris, Shriver & Jacobson in Paris

The Colombo Stock Exchange (CSE) has introduced regulations permitting stock borrowing and lending (SBL). The Central Depositary System (CDS) facilitates SBL transactions and lenders and borrowers can engage in SBL only through an "eligible participant", being a member of the CSE or custodian bank, which meets with the criteria stipulated by the CDS.

A recent precedent-setting court ruling that upheld the rights of minority shareholders may mark the first stir of change for the nation's companies, especially conglomerates, where board decisions were often made without regard for shareholders.

It has taken more than 30 years, but the EU has at last agreed on a legal format for the European Company, a vehicle it hopes will support the EU project by freeing corporates from national differences in legislation and boosting European economic activity. Jean-Louis Joris of Cleary, Gottlieb, Steen & Hamilton in Brussels explains what the European Company really is, how to set one up and asks whether, ultimately, it will be a success

Elizabeth Uwaifo, Sidley Austin Brown & Wood Sidley Austin Brown & Wood and Linklaters have closed a euro 2 billion ($1.8 billion) synthetic collaterallized debt obligation (CDO) for KBC bank. The deal was the second CDO to be issued from the Irish special purpose vehicle Cygnus Finance.